Term
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Definition
| A visual model of the economy that shows how dollars flow through the markets among households and firms |
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Term
| Production Possibilites Frontier |
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Definition
| A graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production of technology |
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Term
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Definition
| The study of how households and firms make decisions and how they interact in markets |
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Term
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Definition
The study of economywide phenomena, including inflation, unemployment, and economic growth
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Term
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Definition
Claims that attempt to decribe the world as it is
( A true statement) |
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Term
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Definition
Claims the attempt to prescribe how the world should be
(Opinion based statement) |
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